By 
First Quantum Minerals (FQM) has reported a 13 percent increase in copper production for the third quarter of 2024, along with a doubling of global income tax payments.
It claimed that production at FQM’s Kansanshi mine in Solwezi rose by 20 percent, reaching 49,810 tonnes, an increase of 8,303 tonnes from the previous quarter.
Meanwhile, the Sentinel mine in Kalumbila recorded a nine percent rise, producing 58,412 tonnes.
In a statement issued Tuesday, FQM Chief Executive Officer, Tristan Pascall, praised the operational performance of FQM’s Zambian operations but expressed sorrow over a tragic accident in September that led to a fatality at Kansanshi.
“We continue to support the family and we are dedicated to ensuring the safety of our colleagues across the business,” Pascall stated.
Despite ongoing power restrictions from ZESCO, Pascall noted that the Zambian team’s proactive measures minimised production impacts.
He confirmed that the S3 Expansion at Kansanshi remained on track, with anticipated production in the latter half of 2025.
FQM’s third-quarter gross profit reached US$456 million globally, up from US$333 million in the second quarter, driven by increased copper and gold sales and stronger gold prices.
Read More:PWC projects Zambia’s copper production will fall short of govt’s 2031 targets
Pascall highlighted Kansanshi’s achievement of its highest quarterly copper output since late 2021, a result of higher feed grades and successful mill adjustments to process mixed material.
Gold production also surged, reaching 31,659 ounces, the highest since early 2022.
The company had revised its 2024 copper production forecast for Kansanshi to 155,000-165,000 tonnes, up from an initial 130,000-150,000 tonnes, while Sentinel’s guidance remains at 220,000-230,000 tonnes.
Meanwhile, FQM’s new Enterprise nickel mine at Kalumbila reported its first full quarter of commercial production, generating 4,827 tonnes of nickel, a decline from 6,147 tonnes in Q2.
Despite Zambia’s energy crisis, FQM says it managed to secure supplementary power to maintain stable operations, offsetting some higher costs with strong gold by-product credits.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments